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Until 2017, the Co-operative Group included The Co-operative Bank; however, despite its name, the Co-operative Bank was not itself a true co-operative as it was not owned directly by its members. Instead it was part-owned by a holding company which was itself a co-operative – the Co-operative Banking Group. [5]
The bank was formed in 1872 as the Loan and Deposit Department of the Co-operative Wholesale Society, becoming the CWS Bank four years later.However, the bank did not become a registered company until 1971, when the Co-operative Bank Act 1971 (c. xxii) separated the banking business from the Co-operative Wholesale Society. [3]
Co-operative Banking Group Limited (originally Co-operative Financial Services) [1] was a UK-based banking and insurance company and a wholly owned subsidiary of The Co-operative Group. Established in 2002, its head office was located at the CIS Tower , Miller Street, Manchester .
A mutual bank is a cooperative financial institution owned by its depositors or customers. They include mutual organization , mutual savings banks and cooperative banking . Unlike traditional banks , which prioritize shareholder profits, mutual banks focus on serving their members' interests. [ 1 ]
The Co-operative Bank head office building at 1 Balloon Street, Manchester, England. The Co-operative Bank severed its ownership link with the Co-operative Group in September 2017. The bank had been a wholly owned subsidiary until 2014 when the group was forced to sell the majority of its holding to US hedge fund investors to raise funds for ...
CU Cooperative Systems, Inc. doing business as Co-op Solutions [1] [2] (formerly d.b.a. CO-OP Financial Services), is a company that operates an interbank network connecting the ATMs of credit unions in the United States, with locations also in Canada and certain United States Navy bases overseas. It is the largest credit union-owned interbank ...
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The cooperative share capital [44] or co-operative share capital (in short cooperative capital [44] or co-operative capital) is the form of capital that the cooperative accumulates from the paid participation shares of its members. [45] [46] [44] The total amount of participation shares the paid to the cooperative constitutes the cooperative ...